Bitcoin prices tumbled to reach a more than two week low as fears of a Russian invasion of Ukraine has started to become real. The largest cryptocurrency slid to $36,372 on Tuesday after the Russian President Vladimir Putin’s latest move to recognize at least two separatist republics in Eastern Ukraine and ordered his troops in those regions.
Most analysts have warned of wild fluctuation in the market and a further drop in crypto prices, with some predicting Bitcoin could eventually hit the $30,000 level in the near future, or maybe even lower than that. Other cryptocurrencies too are going through a similar phase of uncertainty and have seen their prices tumble too. XRP has seen its prices go down by 6.7 percent while Ether prices too slid 3 percent before recovering some lost ground.
However, the most remarkable has been the general decline in Bitcoin prices which not only slid past the psychologically important $40,000 mark over the past few days but it kept losing its value owing to the developments in Ukraine. This has also busted the general myth that cryptocurrencies are a safe haven for stashing money and would largely be unaffected by any changes in the geopolitical environment.
In contrast, the ubiquitous gold which has traditionally been regarded as a safe investment option has hit record high prices.
Most are eyeing a $30,000 mark as the lowest that Bitcoin will likely reach if a solution to the Ukraine crisis isn’t reached within the next few days. And with that increasingly looking difficult, $29,000 could be the lowest that the crypto will likely reach in the coming days. However, $30,000 seems more likely as there likely is going to be significant buying activity in that level.
Many would like to invest in Bitcoin which will emerge as a lucrative long term buying option once it hit around the $30,000 mark or anything lower than that. Right not, it is seeing its prices go southwards and that could be due to a scramble for cash, but it might emerge as one of the most sought after crypto after it reaches a certain level, which in turn could drive its price up again.